From preparing, staging, cleaning, listing, marketing, reviewing offers, and negotiating to closing, there’s plenty that goes into home selling. Unfortunately, when handling these steps, it’s easy to make costly mistakes.
To help you avoid them, here are the common mistakes people make when selling their homes:
Selling Your Home Yourself
Not using a real estate agent and taking the FSBO route is a massive home selling mistake. Some sellers are tempted to sell their homes on their own to avoid paying the agent’s commission. However, you could miss the chance to make more money when you try to DIY. In fact, the latest data shows that the typical FSBO home sold for $260,000 compared to more than $318,000 when sold by an agent.
Overpricing Your Home
Over 70% of real estate agents agree that overpricing is the top mistake many sellers make. That’s because pricing your home high in order to leave room for negotiations or test the market increases the likelihood that it sits on the market for a longer time. And, unfortunately, some buyers will use the days a house has been sitting on the market to justify their unreasonably low offers. To avoid making this mistake, ask your local real estate agent to help you with a recent comparative market analysis so that you set the correct price.
Reviewing Offers with a Closed Mind
Buyers will probably criticize your home and, to top it off, offer you less money than you believe your home is worth. Unfortunately, many sellers will ignore and not respond to such lowball offers. That kills any chance you have of selling your home to this prospective buyer – it’s crucial to understand that some buyers feel the need to submit lowball offers (and negotiate upwards) no matter how reasonably the home is priced. So, it’s best if you review all offers with an open mind, looking at their benefits and drawbacks.
Avoid These Common Mistakes When Selling Your Home!
To have a successful home selling experience, you should avoid these common mistakes home sellers make. For more information on how to avoid mistakes when selling your home, feel free to get in touch with us today!